UBS leaving home would be more expensive, Swiss minister says
This is amid a plan that would force Switzerland’s largest lender to hold more equity capital
Swiss Finance Minister Karin Keller-Sutter has rejected the notion that UBS Group AG could abandon Switzerland to evade stricter capital requirements, stating that such a move would be far more costly and legally complex. The remark came in response to a proposal from the Upper House of Switzerland's parliament that would mandate the country's largest lender to increase its equity capital backing its overseas branches by around US$16 billion.
UBS has criticized the capital reform, asserting it would make the firm less competitive compared to international rivals, and vowed to continue its efforts to contest the proposed measure. Keller-Sutter emphasized during an interview with Schweiz am Wochenende newspaper that UBS does not need to relocate from Switzerland, with many analysts and specialists agreeing that the regulations are feasible and advantageous for the bank.
Swiss National Bank president Martin Schlegel echoed similar sentiments in a separate interview, asserting that the decision on UBS's headquarters rests solely with the company.
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